Admittedly, in the last few years, Personal Financing firms and payday loans are booming all around the globe. The one and only reason for this rapid growth is the “INSTANT LOAN APPROVAL” facility. Short Term Loans or online payday loans provide smaller loan amount usually ranges from $100 to $1500 for a short period of time of 10 to 15 days. However, there are other loans also such as “3 months Payday Loans
” which offers higher loan amounts and long time duration. Another important factor that adds to their popularity is the ONLINE APPLICATION PROCEDURE.
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The online application facility has benefited many borrowers as they do not need to spend time and money for visiting the lender’s office and carry important documents as most of the payday loans are paperless and fax less. The borrower now has the facility to apply from his own home or office comfortably without leaving his premises. The online application generally takes up to 10-15 minutes and after that it is just a matter of time before you get your loan amount. Payday loans no credit check are the only legitimate way of getting money quickly as they do not perform any credit checks. Also, these lending companies act as a companion to those who have bad credit history. For people with bad credit history, it is much easier to get payday loans rather than traditional bank loans.
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It is important to keep in mind that these types of loan are designed for short term urgent expenses such as unforeseen medical emergencies, vehicle damage, late fees, and utility bills. As these loans generally have higher rates of interests, so it is advisable to not to borrow large amount of loan. These loans are specifically designed for those needy people who are unable to deal with urgent financial problems or for people who got rejected by traditional banks due to their bad credit history.
- Those who are 18 years old or more.
- Those who are US citizens.
- Those who have a steady income of $1000 or more and working under the same employer from the last six months.
- Those who have active back account from the last six months.
If a borrower meets the entire requirements above, he can easily apply for a loan. There is only one thing that should be kept in mind before applying loan is that the borrower must have to be sure that he is capable to returning the loan amount within the given period of time otherwise he ends up in paying additional fees and charges. Also it is advisable to check the lender’s website prior to apply for a loan as there are many payday lenders available in market that traps the needy people and put them in the never ending debt cycle.